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Trans Canada Gold Corp. Completes Its Eighth Full Month of Steady Oil Production for the Month of May 2024, on Its Lloydminster Multilateral Horizontal Heavy Oil Well and Prepares for Drilling Its Second Multilateral Well in Mid July
VANCOUVER, BC / ACCESSWIRE / May 30, 2024 / Trans Canada Gold Corp. (TSX-V:TTG)(OTCQB:RCTRF) (...
About this update from Trans Canada Gold Corp
[{"type":"text","content":"Trans Canada Gold Corp. Completes Its Eighth Full Month of Steady Oil Production for the Month of May 2024, on Its Lloydminster Multilateral Horizontal Heavy Oil Well and Prepares for Drilling Its Second Multilateral Well in Mid JulyVANCOUVER, BC / ACCESSWIRE / May 30, 2024 / Trans Canada Gold Corp. (TSX-V:TTG)(OTCQB:RCTRF) (\"Trans Canada\" or the \"Company\"), is pleased to announce that the Company has now completed its eighth full month of robust steady oil production for the month of May 2024, with trucking and oil sales to Altex and Cenovus Energy Ltd. The Company will release the May numbers in the coming days, once finalized. In October 2023, the Company successfully drilled and completed seven (7) multi-lateral legs of the Company's first multilateral well. The Company encountered oil throughout the entire 2675 meters of lateral oil pay in the Sparky formation. Since drilling inception, the Croverro 7HZ Well has now produced over 45,236 barrels of consistent steady oil production. Croverro Energy Ltd. under the terms of the agreement is the Operator.The Company has strengthened its land position, and completed the purchase of two vital strategic land and lease acquisitions pursuant to an AMI (\"Area of Mutual Interest\") in a Farmout Agreement (\"Farmout\") dated November 1, 2022. The Operator has secured a surface lease and is permitting a multilateral well for mid-summer start for drilling. This new multilateral well is expected to contact over 3000 meters of oil reservoir in the General Petroleum sand.Commented, President & CEO Tim Coupland, \"We have now hit the eight-month of steady oil production, and are excited to be soon releasing our May production rates, once the final oil production numbers have been finalized with Croverro, and confirmed by Altex and Cenovus Energy Ltd. With the completion of the recent land acquisition, and drilling pre-planning in full progress, we now look forward to drilling our second large Multilateral Well on schedule for mid-summer. With global oil prices remaining steady, and the recent startup of the TMX pipeline, oil prices are forecasted to remain high which will allow the Company to pursue additional drilling opportunities and new property acquisitions.\"Commented, Director, Chris Timmins, \" Drilling large Multilateral oil wells offers remarkable operational cost savings t...